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COVID-19 Response Updates


The following is a summary of the key measures that were implemented by the Central Bank to mitigate the impact of the COVID-19 pandemic, which address monetary policy and financial stability issues:

 - Reduction of the Repo Rate by 150 bps from 5.00% to 3.50% on March 17, 2020. As a result, the commercial banks median basic prime lending rate fell from 9.25% to 7.50% at the end of March 2020.
 - The Reserve Requirement Ratio for commercial banks was reduced from 17% to 14% in March 2020. Consequentially, average daily excess liquidity increased from $4.0bn (January 2 - March 17, 2020) to $8.3bn (May 2020).
- The Central Bank extended a new moratorium on the regulatory treatment of past due facilities and restructured loans due to deferred payments or rate reductions for a five month period from May 1 to September 30, 2021.  The Central Bank also issued an update DPC- 19 Form on June 1, 2021 to capture information on deferred payments.
- The Financial Institutions (Capital Adequacy) Regulations 2020 for the implementation of Basel II/ III was promulgated with effect from May 14, 2020. 
- The Central Bank granted licensees and financial holding companies extension of timelines for regulatory returns  for a period of three months commencing with regulatory returns due in March 2020 and this was extended up and including the regulatory returns due in December 2020. The Central Bank also  allowed for the electronic submission of regulatory returns. Licensees and financial holding companies have returned  to the regular timelines for submissions of regulatory returns effective January 2021.
- To meet AML/CFT Identification and Verification Requirements the Central Bank asked financial institutions to consider several measures for acceptance of electronic or digital identification where a person’s identity cannot immediately be verified face-to-face during the COVID-19 period.
 - Adjustment to the requirement for the Submission of Personal Questionnaire Declaration (PQD) Applications in light of social distancing measures.

Click on the links below for more information on these highlighted measures.

 

Special Reporting on Treatment of Payment Deferrals or "Skipped Payments" due to COVID-19 Measures
2021 Vacation Internship Programme
New Moratorium on the Regulatory Treatment of Payment Deferrals or Restructured Loans due to COVID-19 Measures
Submission of External Auditor Report Pursuant to Section 12.3 of the Guideline on the Implementation of the Tax Information Exchange Agreements, 2017 (“TIEAA GUIDELINE”)
Update on Submission of Regulatory Returns by Insurance Companies Registered Under the insurance Act, CHAP. 84:01 Due to COVID-19
Update on Submission of Regulatory Returns by Licensees and Financial Holding companies under the FIA, 2008 Due to Covid-19
Treatment of Payment Deferrals or "Skipped Payments" Due to COVID-19 Measures
Visual Summary- 2019 Financial Stability Report
Financial Stability Report 2019
Monetary Policy Report May 2020
Visual Summary - Monetary Policy Report, May 2020
The Revised Personal Questionnaire and Declaration Form: Clarification of Witness Requirement and Special COVID-19 Provisions
Treatment of Payment Deferrals or "Skipped Payments" due to COVID-19 Measures
Revised Timeline for Submission of Special Report on Treatment of Deferrals or "Skipped Payments"
2020 Vacation Internship Programme (VIP)
Clarification on Electronic Submission of Correspondence to the Financial Institutions Supervision Department due to COVID-19 Measures
Joint Regulatory Guidance on Complying with AML/CFT Verification Requirements in Light of COVID-19 Measures
Annual Research Review Seminar Cancelled
Electronic Submission of Correspondence to the Financial Institutions Supervision Department Due to COVID-19 Measures
Submission of Regulatory Returns by Licensees and Financial Holding Companies under the Financial Institutions Act, 2008 ("FIA") Due to COVID-19
Request for Extension of Deadline for Statutory Submissions
Regulatory Treatment of Payment Deferrals or "Skipped Payments" Due to COVID-19 Measures
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